NEWS OF THE WEEK.
THE only surprise occasioned by Mr. Gladstone's Budget has been excited by its simplicity and intrinsically unsurprising character. • He finds himself in possession of a steadily increasing revenue, but obliged to meet a still more suddenly increasing expenditure.
His estimated revenue, almost the same with that which Ms. Disraeli realized last year, is 64,340,000/. ; but his estimated expenditure is 69,207,0001., leaving a deficiency for the cur- rent year of 4,867,000/. In a separate paper - we have given
even. stronger grounds than those advanced by Mr. Gladstone, to
short the substantial condition of our resources. The sole question before the Chancellor of the-Exchequer for the immediate season
was, how to meet that deficiency of nearly 5,000,0001. sterling.
Mr. Gladstone's view is that either this great expenditure will be transitory, the occasion for it ceasing probably with the year, or should the external aspect of affairs not become better, it must be- come worse, and the expenditure will be greatly aggravated. In either ease, the Budget of the current year must be of a pro- visional character; and as it is desirable to avoid any material change in our system of taxes, which would necessarily be at- tended by inconvenient changes in trade, Mr. Gladstone meets the deficiency by two provisions, and two provisions only. First, he adds 4d. to the tax on incomes above 1501. and 2d. to incomes above 1001., and the whole of this amount would be levied on the next half-yearly payment ac- cruing after the passing of his resolution, so as to collect the whole amount within the current year. From this source he expects to obtain 4,340,0001. The second provision is this. At present it is the custom to allow the malt-dealers eighteen weeks' credit,—a relaxation belonging to a period of heavy duties, " draw-backs," and the whole class of compensations which certain -economists so much regret. Mr. Gladstone proposes to diminish this credit, by one-third of the period, but to allow discount at the rate of 4 per cent per annum on taxes paid within the six weeks ; and he anticipates that this contraction of credit will be equivalent to a sum of 780,0001. ; giving a total of additional taxes to the amount of 5,120,0001., with a surplus over the ex- penditure of 253,0001.
The Budget has been well received. The increase of the Income-tax was anticipated, and the absence of any taxes on consumption has pleased the commercial public generally ; dis- appointing only a few speculators who had been looking forward to a great increase of prices, of which they were to take advantage by anticipative purchases.
Before proceeding with Mr. Gladstone's resolutions in Com- mittee of Ways and Means, on Thursday, some of the graver aspects of our financial position were glanced at. Mr. Bright noticed our constantly growing expenditure, and constantly en- larging taxation, without check. The discussion led to no result, except to show, for the thousandth time, that the present House of Commons, having too much to do, and too much to think of, is always glad to get over " this debate," and ever shuffles oft' its paramount duty of checking the public expenditure.
The degree to which the House of Commons is sometimes diverted from broad issues into crotchety specialties was illus- trated in Mr. Bouverie's motion of an instruction to the Select Committee on Packet Contracts, that it should not enter into the nonstderation of the Dover contract until after Sir William Russell's petition against the election returned for Dover should be disposed of. Mr. Bouverie seems to have had an idea that the exposition of the contract affair would prejudice the Com- mittee on the election petition. Unluckily, the Committee on Contracts had already opened that very question. Moreover, Sir Stafford, Northcote certainly showed that there were grounds for granting more liberal terms to the Dover contractors. Inde- pendently of any election or economical question, which may be thoroughly investigated on their merits, it is not good policy in public, any more than in private affairs, to strain harsh con- structions, especially when we have to piece out our conclusions with assumptions as to the motives of men. We may suspect that this or that consideration may influence the mind of political opponents ; but, we say, it is ab initio absurd to suppose that a man like Sir Stafford Northcote can be consciously guilty of yielding to a mean motive, or that he can be a party to any glaring transgression without not knowing what he is at.
Another great question which goes to the very root of our political as well as economical welfare was scarcely opened by the interrogatory speech from Mr. Buxton, who called for some- thing to explain the recommendation of the Commission on the Organization of the Indian Army, in favour of maintaining a large European force in India. Lord Stanley's explanation was anything but satisfactory ; the interesting result of the debate, however, being the intimation of Sir Charles Wood, that Ministers are reconsidering the whole subject, and that with regard to cavalry, at least, they are in favour of the irregular principle of organization.
Amongst other miscellaneous subjects we may note Mr. Lowe's success in carrying the second reading of the Public Health Act against a stout opposition ; Mr. Black's carrying of the second reading of his bill to abolish the Edinburgh Annuity-tax, on the condition that he shall go no further with the bill this year, but leave it for Ministers to take up the subject next year ; Mr. Baines's carrying of a Select Committee to inquire into the °mi- tred of the Queen's Printer ; and Mr. Scully's semi jocose motion for returns to show that Irishmen do not attain to posts of distinction in this country for want of English patronage ! ' A debate in the Lords on Law Reforms consisted chiefly of mutual explanations about the various cross-purposes of the earnest Law Reformers in the Upper House, with the usual
difference of opinion as to the best tribunal to settle the details of legislation—a commission, the whole House, a select com- mittee, or a newly-contrived department of a few barristers with a staff of clerks. The Lord Chancellor announced an important
string of measures for next session—to settle the law of bank- ruptcy, transfer of real property, evidence in Chancery, consoli...- dation of Lord Chancellor's orders, and a transfer of equity jurisdiction to common law courts so as to save references on special points. This list is another contribution, we apprehend, to the " innocents " of 1860 ; every one of these debates clinching our long-declared conviction, that we must continue to have that wholesale legislative child-murder until we introduce order by establishing a Department of Justice.
